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A tax free children's savings account. Lock some savings away until the child's 18th birthday.
3.15% tax free/AER variable for balances of £1 or more.
Your interest is paid after each year on 31 March.
Yes. As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our terms and conditions (PDF, 182KB) explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.
For example, if you deposit £1000.00 when you open the account, the balance after 12 months will be £1031.50.
No. You can't take money out until the child turns 18.
You can't close it early, except in special circumstances which you can see in the terms and conditions (PDF, 182KB).
When the child reaches 18 the account will change to an adult cash ISA. They will be able to continue saving tax free and will be able to withdraw money.
Tax free means you will not pay income tax on your interest.
AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.
For more definitions, view our savings glossary.